Key takeaways:
Bitcoin’s RSI has dropped 15% and is now below the overbought threshold.
Bitcoin futures flip bearish with a 43% decline in perpetual CVD.
Analysts predict Bitcoin could reach $150,000 as long as a key support level holds.
Bitcoin’s (BTC) price hit fresh all-time highs of nearly $112,000 on May 23, gaining 50% from its April 1 lows. According to analysts, BTC price is now “showing signs of easing momentum” as it consolidates.
Bitcoin’s rally to $111K triggered buyer fatigue
BTC’s recent run to $111,000 pushed the daily relative strength index (RSI) into the overbought zone at 79.6. However, “signs of easing momentum” have emerged as the RSI dropped by 15% to 67, said market intelligence firm Glassnode in its latest report, adding:
“This decline may signal cooling buyer enthusiasm, reduction in upward momentum and a potential pause or reversal in the recent